Football entrepreneur at the center of Westpac fraud allegations on his way back to Australia

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The Sydney football figure at the center of Westpac’s alleged $ 250 million fraud booked a flight back to Australia from Europe on Saturday, the court heard, after being unreachable by the bank since mid-June .

Westpac revealed last Friday that it was investigating serious potential fraud, after saying it discovered loans were made to its corporate clients using forged signatures and forged invoices allegedly produced by Sydney-based Forum Finance .

The company is owned by former Sydney Olympic President Bill Papas, who also recently purchased Xanthi Football Club. Westpac alleges he has not been able to contact Mr Papas since June 15, shortly after asking about the potential fraud.

Suspected fraudster Bill Papas is expected to return to Australia on Saturday, the court said. Credit:

Westpac has issued freeze orders and search warrants to obtain information relating to the alleged fraud, and is currently pursuing legal action to have Forum Finance put into interim liquidation, an emergency measure to protect assets.

Panetta Lawyers director Rocco Panetta, who was hired by Mr Papas, told the court on Wednesday that he had spoken to his client about five times in the past seven days.

During those conversations, Mr. Panetta said Mr. Papas refused to reveal his exact location or explain whether he intended to defend the allegations against him, but that he booked a flight to Japan. Airways returning from Athens via Dubai to arrive in Australia on Saturday.

I understand that he is in Europe, in transit, that he is returning to Australia, Mr Panetta said. I understand he was in Greece, I don’t know where he is now, but I think he is moving through other countries to come back here.

When asked for details of Mr Papas’ overseas trips, including when and why he left Australia and his current location, Mr Panetta said he was stranded. We asked, he wouldn’t tell us.

Jeremy Giles SC, acting for Westpac, said his team had not obtained sufficient assurance from Mr. Papas or Forum Finance that no documents would be destroyed to argue for an urgent appointment of a liquidator .

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